Invesco DWA Correlations

DWAS Etf

USD 90.38 1.74 1.89%

The current 90-days correlation between Invesco DWA SmallCap and Invesco Dividend Achievers is 0.67 (i.e., Poor diversification). The correlation of Invesco DWA is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Invesco DWA Correlation With Market

Poor diversification

The correlation between Invesco DWA SmallCap and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco DWA SmallCap and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Invesco Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Invesco DWA SmallCap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Invesco Etf

0.8	VB	Vanguard Small Cap	Pair Corr
0.73	IJR	iShares Core SP	Pair Corr
0.97	IWM	iShares Russell 2000	Pair Corr
0.97	VRTIX	Vanguard Russell 2000	Pair Corr
0.97	VTWO	Vanguard Russell 2000	Pair Corr
0.73	SPSM	SPDR Portfolio SP	Pair Corr
0.62	DFAS	Dimensional Small Cap	Pair Corr
0.73	VIOO	Vanguard SP Small	Pair Corr
0.84	PRFZ	Invesco FTSE RAFI	Pair Corr
0.89	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.88	SGDJ	Sprott Junior Gold	Pair Corr
0.81	YFYA	Listed Funds Trust	Pair Corr
0.84	RVNU	Xtrackers Municipal	Pair Corr
0.83	INTC	Intel	Pair Corr
0.62	WMT	Walmart Earnings Call This Week	Pair Corr
0.74	IBM	International Business	Pair Corr
0.73	CAT	Caterpillar	Pair Corr
0.84	GE	GE Aerospace	Pair Corr

Moving against Invesco Etf

0.6	VIXY	ProShares VIX Short Buyout Trend	Pair Corr
0.46	HD	Home Depot Earnings Call Tomorrow	Pair Corr
0.75	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.68	PG	Procter Gamble	Pair Corr
0.52	MCD	McDonalds	Pair Corr
0.46	BA	Boeing	Pair Corr
0.31	CVX	Chevron Corp	Pair Corr

Related Correlations Analysis

	PFM	QQQJ	EQAL	IUS	RSPH	OAKM	QAI	RSPN	DMXF	TPYP
PFM		0.93	0.81	0.94	0.64	0.61	0.96	0.32	0.85	0.13	PFM
QQQJ	0.93		0.73	0.96	0.61	0.57	0.95	0.28	0.77	0.06	QQQJ
EQAL	0.81	0.73		0.73	0.42	0.7	0.78	0.6	0.66	0.32	EQAL
IUS	0.94	0.96	0.73		0.72	0.61	0.95	0.28	0.81	-0.02	IUS
RSPH	0.64	0.61	0.42	0.72		0.19	0.6	0.21	0.77	-0.3	RSPH
OAKM	0.61	0.57	0.7	0.61	0.19		0.57	0.57	0.46	0.28	OAKM
QAI	0.96	0.95	0.78	0.95	0.6	0.57		0.27	0.83	0.0	QAI
RSPN	0.32	0.28	0.6	0.28	0.21	0.57	0.27		0.43	0.19	RSPN
DMXF	0.85	0.77	0.66	0.81	0.77	0.46	0.83	0.43		-0.15	DMXF
TPYP	0.13	0.06	0.32	-0.02	-0.3	0.28	0.0	0.19	-0.15		TPYP
	PFM	QQQJ	EQAL	IUS	RSPH	OAKM	QAI	RSPN	DMXF	TPYP

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

QAI	+ 0.96	PFM
IUS	+ 0.96	QQQJ
QAI	+ 0.95	QQQJ
QAI	+ 0.95	IUS
IUS	+ 0.94	PFM
QQQJ	+ 0.93	PFM

High negative correlations

TPYP	- 0.3	RSPH
TPYP	- 0.15	DMXF
TPYP	- 0.02	IUS
TPYP	- 0.0	QAI

Invesco DWA Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco DWA ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Invesco DWA's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PFM	0.40	0.00	(0.05)	0.06	0.42	(0.45)	0.83	(0.80)	2.86
QQQJ	0.73	0.01	0.02	0.08	1.02	(0.72)	1.62	(1.26)	5.24
EQAL	0.54	(0.04)	(0.06)	0.02	0.72	(0.56)	0.98	(1.00)	4.78
IUS	0.43	0.02	0.01	0.09	0.49	(0.44)	1.02	(0.83)	3.98
RSPH	0.65	0.05	0.04	0.12	0.69	(0.71)	1.91	(1.58)	4.01
OAKM	0.57	(0.04)	(0.06)	0.02	0.68	(0.70)	1.41	(0.94)	4.81
QAI	0.23	(0.01)	(0.13)	0.05	0.27	(0.25)	0.51	(0.56)	2.04
RSPN	0.63	(0.09)	0.00	(0.02)	0.00	0.00	1.27	(1.45)	4.51
DMXF	0.61	(0.03)	(0.06)	0.03	0.73	(0.62)	1.12	(1.22)	3.61
TPYP	0.57	0.00	(0.06)	0.06	0.78	(0.52)	1.01	(1.16)	3.31

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